WAA Solar

₹92.5 -5.3 | 5.5%

WEBSITE BSE:541445 NSE : WAA 24 Jan, 16:01

Market Cap ₹123 Cr.

Stock P/E 27

P/B 0.7

Current Price ₹92.5

Book Value ₹ 137.3

Face Value 10

52W High ₹261.8

Dividend Yield 0%

52W Low ₹ 90.3

Edit Ratio

WAA Solar Research see more...

Overview Inc. Year: 2009Industry: Power Generation/Distribution

Waa Solar Ltd, together with its subsidiaries, engages in electric powered generation and transmission in India. The agency develops and operates a 10.25 MW solar power plant at Surendranagar, Gujarat; a 100 KWP solar power plant at Raja Bhoj airport in Bhopal; and a 10.42 MW solar power venture in Koppal, Karnataka. It also operates solar power initiatives of 4.00 MW in Mansa, Punjab; and Vadodara, Gujarat. The company incorporated in 2009 and is based in Vadodara, India. Waa Solar Ltd is a subsidiary of Madhav Power Pvt Ltd.

WAA Solar Share Price

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Peer Comparison

WAA Solar Quarterly Results

#(Fig in Cr.)
Net Sales
Other Income
Total Income
Total Expenditure
Operating Profit
Interest
Depreciation
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Adjustments
Profit After Adjustments
Adjusted Earnings Per Share

WAA Solar Profit & Loss

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Net Sales	31	66	64	52	51	80	48	44	46	49	27
Other Income	2	1	1	1	3	6	21	1	1	1	1
Total Income	33	67	65	52	54	86	70	45	47	50	27
Total Expenditure	6	20	22	8	10	19	19	8	11	14	9
Operating Profit	28	46	43	44	44	66	50	38	36	36	19
Interest	13	20	21	21	21	26	18	15	12	10	4
Depreciation	9	15	16	24	18	33	20	16	16	16	9
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	5	11	6	-1	5	7	13	7	8	10	6
Provision for Tax	0	0	0	0	1	3	2	3	2	2	1
Profit After Tax	5	11	6	-1	4	4	10	4	6	8	5
Adjustments	-0	-0	-0	-0	-0	1	1	0	1	2	2
Profit After Adjustments	5	11	6	-1	4	4	11	4	7	10	7
Adjusted Earnings Per Share	0	0	0	0	0	3.2	8.4	3.1	5.5	7.4	5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	-45%	-15%	-20%	-1%
Operating Profit CAGR	-47%	-21%	-22%	-4%
PAT CAGR	-38%	8%	5%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-40%	19%	45%	NA%
ROE Average	3%	4%	4%	5%
ROCE Average	4%	6%	7%	8%

WAA Solar Balance Sheet

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Shareholder's Funds	70	81	109	64	118	149	162	165	172	180	182
Minority's Interest	7	16	9	9	9	33	24	18	19	19	-1
Borrowings	163	301	156	149	169	210	131	114	94	73	47
Other Non-Current Liabilities	0	0	1	2	2	2	0	0	0	-0	0
Total Current Liabilities	39	49	24	26	23	67	25	25	26	26	7
Total Liabilities	280	447	298	249	320	461	342	322	310	299	235
Fixed Assets	198	396	257	191	226	204	104	138	122	107	44
Other Non-Current Assets	19	3	26	40	43	152	123	82	87	88	100
Total Current Assets	63	48	15	19	51	104	115	101	101	104	91
Total Assets	280	447	298	249	320	461	342	322	310	299	235

WAA Solar Cash Flow

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Opening Cash & Cash Equivalents	2	28	6	5	5	6	42	37	14	15	20
Cash Flow from Operating Activities	37	47	52	42	40	106	25	34	31	37	17
Cash Flow from Investing Activities	-66	-194	98	-18	-34	-133	76	-18	1	-1	50
Cash Flow from Financing Activities	54	124	-151	-24	-6	63	-106	-39	-31	-31	-67
Net Cash Inflow / Outflow	26	-23	-0	0	1	36	-6	-23	1	5	-1
Closing Cash & Cash Equivalent	28	6	5	5	6	42	37	14	15	20	19

WAA Solar Ratios

#	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Earnings Per Share (Rs)	0	0	0	0	0	3.15	8.38	3.05	5.47	7.42	5
CEPS(Rs)	21.63	38.31	22.61	23.42	22.49	27.65	22.39	15.37	16.91	18.29	10.19
DPS(Rs)	0	0	0	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	0	0	0	0	0	112.22	121.78	124.25	129.72	135.83	137.3
Core EBITDA Margin(%)	81.6	69.16	65.49	84.62	81.26	75.76	60.15	82.89	76.54	72.25	68.12
EBIT Margin(%)	58.69	47.56	42.13	39.44	51.23	41.67	63.9	48.68	43.77	41.04	36.95
Pre Tax Margin(%)	17.37	17.4	9.72	-1.94	9.49	8.59	25.95	14.77	18.08	20.54	21.93
PAT Margin (%)	17.37	17.2	9.6	-2.33	7.64	4.58	21.04	9.06	13.7	16.93	17.01
Cash Profit Margin (%)	47.72	39.72	34.62	44.26	42.79	45.92	61.58	46.17	48.76	49.47	50.66
ROA(%)	2.38	3.12	1.64	-0.44	1.38	0.94	2.53	1.21	1.99	2.73	1.7
ROE(%)	7.98	14.98	6.43	-1.39	4.32	2.75	6.54	2.45	3.74	4.71	2.51
ROCE(%)	8.57	9.46	7.69	7.76	9.7	9.66	8.88	7.04	6.86	7.18	3.89
Receivable days	29.44	13.34	12.61	14.5	29.46	21.53	52.46	88.91	95.47	94.5	171.38
Inventory Days	3.45	2.68	4.55	6.69	8.15	5.07	6.83	7.75	14.05	13.45	25.04
Payable days	0	0	0	0	0	0	0	0	-884.98	0	-287.71
PER(x)	0	0	0	0	0	4.45	1.01	14.98	7.43	4.99	22.95
Price/Book(x)	0	0	0	0	0	0.12	0.07	0.37	0.31	0.27	0.84
Dividend Yield(%)	0	0	0	0	0	0	0	0	0	0	0
EV/Net Sales(x)	4.98	4.91	2.73	3.25	3.63	2.64	2.57	4.12	3.34	2.5	6.88
EV/Core EBITDA(x)	5.59	7.01	4.07	3.78	4.21	3.19	2.46	4.8	4.24	3.4	9.75
Net Sales Growth(%)	12.73	112.82	-3.32	-18.99	-0.65	55.62	-39.62	-8.46	4.18	6.61	-45.58
EBIT Growth(%)	5.2	72.48	-14.36	-24.18	29.07	26.57	-7.4	-30.27	-6.32	-0.05	-51
PAT Growth(%)	-35	110.84	-46.06	-119.7	425.31	-6.67	177.1	-60.6	57.56	31.8	-45.32
EPS Growth(%)	0	0	0	0	0	-17.02	165.81	-63.57	79.17	35.59	-32.63
Debt/Equity(x)	2.6	4.04	1.64	2.7	1.6	1.58	0.92	0.82	0.67	0.52	0.28
Current Ratio(x)	1.6	0.98	0.62	0.7	2.25	1.56	4.68	4.06	3.95	3.95	13.67
Quick Ratio(x)	1.59	0.96	0.58	0.66	2.19	1.55	4.64	4.02	3.85	3.91	13.28
Interest Cover(x)	1.42	1.58	1.3	0.95	1.23	1.26	1.68	1.44	1.7	2	2.46
Total Debt/Mcap(x)	0	0	0	0	0	12.62	13.31	2.22	2.13	1.9	0.33

WAA Solar Shareholding Pattern

#	Mar 2020	Sep 2020	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024
Promoter	69.85	69.85	69.81	69.81	69.81	69.81	69.81	69.75	68.46	67.85
FII	0	0	0	0	0	0	0	0	0	0
DII	0	0	0	0	0	0	0	0	0	0
Public	30.15	30.15	30.19	30.19	30.19	30.19	30.19	30.25	31.54	32.15
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Mar 2020	Sep 2020	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024
Promoter	0.46	0.46	0.46	0.93	0.93	0.93	0.93	0.93	0.91	0.9
FII	0	0	0	0	0	0	0	0	0	0
DII	0	0	0	0	0	0	0	0	0	0
Public	0.2	0.2	0.2	0.4	0.4	0.4	0.4	0.4	0.42	0.43
Others	0	0	0	0	0	0	0	0	0	0
Total	0.66	0.66	0.66	1.33	1.33	1.33	1.33	1.33	1.33	1.33

Pros

Stock is trading at 0.7 times its book value
Debtor days have improved from 0 to -287.71days.
Company has reduced debt.
Company is almost debt free.

Cons

Company has a low return on equity of 4% over the last 3 years.
The company has delivered a poor profit growth of 4% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.